Maximizing Home Value: Top 7 Renovations for 2024

Apr 30

Renovating your home not only enhances your living space but also boosts its market value. However, not all renovations offer the same return on investment (ROI). Understanding which upgrades provide the highest ROI is crucial for homeowners looking to increase their property's worth. Here are the top seven renovations to consider for maximizing home value in 2024:

HVAC Conversion

Cost: $17,747
Resale Value: $18,366
ROI: 103.5%

Converting to an electric heat pump aligns with the trend toward renewable, eco-friendly HVAC systems. This upgrade not only improves energy efficiency but also boasts an outstanding ROI of over 100%.

Garage Door Replacement

Cost: $4,302
Resale Value: $4,418
ROI: 102.7%

Upgrading to an attractive garage door enhances curb appeal and recoups more than the initial investment. With a ROI of over 100%, this renovation offers a significant boost to home value.

Manufactured Stone Veneer

Cost: $10,925
Resale Value: $11,177
ROI: 102.3%

Installing stone veneer elevates a home's exterior aesthetics, providing a classic charm that appeals to potential buyers. With an ROI of over 100%, this renovation is a wise investment for enhancing home value.

Entry Door Replacement

Cost: $2,214
Resale Value: $2,235
ROI: 102.9%

Replacing the front door with a steel one improves curb appeal and energy efficiency. With a ROI close to 100%, this renovation offers both aesthetic and practical benefits.

Siding Replacement

Fiber-Cement:
Cost: $19,361
Resale Value: $17,129
ROI: 88.5%

Vinyl:
Cost: $16,348
Resale Value: $15,485
ROI: 94.7%

Upgrading siding enhances a home's appearance and durability. Both fiber-cement and vinyl options offer substantial ROI, making them worthwhile investments for increasing home value.

Minor Kitchen Remodel

Cost: $26,790
Resale Value: $22,963
ROI: 85.7%

A modern kitchen remodel improves functionality and appeal, offering a significant ROI despite being a minor update.

Window Replacement

Vinyl:

Cost: $20,091
Resale Value: $13,766
ROI: 68.5%

Wood:

Cost: $24,376
Resale Value: $14,912
ROI: 61.2%

Replacing windows enhances energy efficiency and aesthetics. While vinyl and wood options offer varying ROI percentages, both contribute to improving overall home value.

By focusing on these top renovations, homeowners can maximize their property's value in 2024, making their investment worthwhile and appealing to potential buyers.

Drew Nordean